Bill Text | History of Actions | Background | Title |
Description: Mississippi Title Insurance Act; create.
Bill Text: [Introduced]
| 1 | 01/20 (S) Referred To Insurance | |
| 2 | 02/04 (S) Died In Committee |
| Effective date | July 1, 2003 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Three/Fifths |
Senate Committee:
Principal Author: Kirby
Code Sections: A 083-0015-0001, A 083-0015-0003
Title: AN ACT TO CREATE THE MISSISSIPPI TITLE INSURANCE ACT; TO AMEND SECTION 83-15-1, MISSISSIPPI CODE OF 1972, TO PROVIDE THE SHORT TITLE AND PURPOSE OF THE CHAPTER; TO CREATE NEW SECTION 83-15-2, MISSISSIPPI CODE OF 1972, TO DEFINE TERMS USED IN THE CHAPTER; TO AMEND SECTION 83-15-3, MISSISSIPPI CODE OF 1972, TO RECODIFY THE PROVISIONS OF FORMER SECTION 83-15-1; TO CREATE NEW SECTION 83-15-4, MISSISSIPPI CODE OF 1972, TO RECODIFY THE PROVISIONS OF FORMER SECTION 83-15-3 AND TO REQUIRE STATE RESIDENCY FOR PERSONS OR AGENTS ISSUING TITLE INSURANCE POLICIES; TO CREATE NEW SECTION 83-15-13, MISSISSIPPI CODE OF 1972, TO PROHIBIT THE REBATE OF PREMIUMS; TO CREATE NEW SECTION 83-15-15, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE TIME WITHIN WHICH AN AGENT SHALL ISSUE A TITLE INSURANCE POLICY AFTER THE PREMIUM HAS BEEN COLLECTED; TO CREATE NEW SECTION 83-15-17, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE TIME WITHIN WHICH AN AGENT SHALL REPORT TO THE TITLE INSURER ALL POLICIES ISSUED BY THE AGENCY AND SHALL REMIT PREMIUMS; TO CREATE NEW SECTION 83-15-19, MISSISSIPPI CODE OF 1972, TO REQUIRE APPROVAL OF FORMS BY THE COMMISSIONER OF INSURANCE; TO CREATE NEW SECTION 83-15-21, MISSISSIPPI CODE OF 1972, TO REQUIRE THE DETERMINATION OF INSURABILITY AND THE PRESERVATION OF EVIDENCE OF TITLE SEARCH AND EXAMINATION; TO CREATE NEW SECTION 83-15-23, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A TITLE INSURANCE POLICY MAY NOT BE ISSUED WITHOUT REGARD TO THE POSSIBLE EXISTENCE OF ADVERSE MATTERS OR DEFECTS OF TITLE; TO CREATE NEW SECTION 83-15-25, MISSISSIPPI CODE OF 1972, TO PROHIBIT ILLEGAL DEALINGS IN RISK PREMIUM; TO CREATE NEW SECTION 83-15-27, MISSISSIPPI CODE OF 1972, TO REQUIRE THE COMMISSIONER OF INSURANCE TO ADOPT PREMIUM RATES; TO CREATE NEW SECTION 83-15-29, MISSISSIPPI CODE OF 1972, TO REQUIRE NOTICE OF AVAILABILITY OF OWNER'S TITLE INSURANCE TO BE GIVEN TO THE PURCHASER/MORTGAGOR; TO CREATE NEW SECTION 83-15-31, MISSISSIPPI CODE OF 1972, TO PROVIDE CONDITIONS UNDER WHICH A TITLE INSURER AND AGENT MAY OPERATE AS AN ESCROW, SETTLEMENT OR CLOSING AGENT; TO CREATE NEW SECTION 83-15-33, MISSISSIPPI CODE OF 1972, TO PROHIBIT THE TRANSACTION OF TITLE INSURANCE IN ADDITION TO ANY OTHER KIND OF INSURANCE; TO CREATE NEW SECTION 83-15-35, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER TO ADOPT RULES AND REGULATIONS FOR THE PURPOSE OF IMPLEMENTING THE PROVISIONS OF THIS ACT; TO CREATE NEW SECTION 83-15-37, MISSISSIPPI CODE OF 1972, TO PROVIDE ERRORS AND OMISSIONS POLICY REQUIREMENTS; TO CREATE NEW SECTION 83-15-39, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR VIOLATIONS OF THE CHAPTER AND PENALTIES THEREFOR; TO CREATE NEW SECTION 83-15-41, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE CHAPTER SHALL NOT BE INTERPRETED AS REGULATING THE PRACTICE OF LAW IN THIS STATE; TO CREATE NEW SECTION 83-15-43, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR SEVERABILITY; AND FOR RELATED PURPOSES.
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